£0 for me and £0 for Margaret. That’s a shite start to the new financial year and an all time low! Results on here so far suggest a poor month all round for Lifers. Is that simply a coincidence?
My youngest has recently got a job with the Civil service and has the opportunity to transfer his previous workplace pension pot (currently with Scottish Widows) into the Civil Service Alpha scheme.
I've done some reading but can't decide if it's a good thing to do or not. I guess it's not really a straight yes or no argument but wonder if anyone has any thoughts or experience with this?
My youngest has recently got a job with the Civil service and has the opportunity to transfer his previous workplace pension pot (currently with Scottish Widows) into the Civil Service Alpha scheme.
I've done some reading but can't decide if it's a good thing to do or not. I guess it's not really a straight yes or no argument but wonder if anyone has any thoughts or experience with this?
Cheers
Depends on what the Civil Service scheme are offering. Are they offering years of service in exchange for his pot (DB) or is it just going into an AVC type pot (DC). I'm not really up to date with all the CS schemes but sometimes it might also be a question of flexibility. His current SW pension could he used later on for early retirement rather than transferring it to the CS and then being stuck to their scheme rules. Also depends on how much we are talking about. Less than £30k then probably best to transfer it in the CS scheme.
I think it also depends on what he is thinking in terms of career plans. If he is only thinking of staying in Civil Service for a short period then I doubt if it's worthwhile. If it's a lifetime choice then probably. Several things to consider.
(Without checking) the equivalent rate of return has dropped a bit in recent months, but the majority of our winnings (me included) has fallen off a cliff. It doesn't seem right to me.
Comments
I've done some reading but can't decide if it's a good thing to do or not. I guess it's not really a straight yes or no argument but wonder if anyone has any thoughts or experience with this?
Cheers
Nice one cazo though.
Worst month for me in a long time. £25 on a full holding.
It's great some people have started stating if it's a full holding.... thanks for mellowing my discomfort
Looks like £125 a month is the least you'd expect on average with that for it to be competitive with an above average easy access account
Deffo well done cazo, eh!
It doesn't seem right to me.